- I’m not worry about the rise in non controlling interest as Breadtalk is working with MINT to increase their exposure in the Thailand market. Since it is a 50/50 joint venture, you can expect the non-controlling interest to increase further if the collaboration is successful.
- Yes, always exclude non-controlling interest in the calculation since it doesn’t belong to the group. Another metric you might want to monitor closely is operating cash flow before working capital. That’s something I look closely (than the company’s earnings) to monitor their actual performance :)